Why Russia Should Exit The OPEC+ Deal

Having exited the deal, Russia will be able to overcome stagnation in oil production, which threatens to become the longest since Soviet times. Despite a 9 percent decrease, Urals spot prices in Northwest Europe were still one and a half times higher in 2019 than in 2016 ($63.3 versus $41.1 per barrel, according to Refinitiv), when the first OPEC + agreement was signed. As a result, the Russian budget again, as in 2017-2018, received additional income, which reached 6.2 trillion rubles (just over $100 billion) from the moment the deal was concluded,…